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After the recession in 80s, the recovery was very strong (8% GDP growth, a chinese growth).It's not like that.Obama's regulations and uncertainty has destroyed a possible strong recovery.
After the recession in 80s, the recovery was very strong (8% GDP growth, a chinese growth).It's not like that.Obama's regulations and uncertainty has destroyed a possible strong recovery.
In the 1980's we had the "miracle" of Reagonomics -- in another word, DEBT.
Massive case of .gov debt, corporations had that actual valuable assets and pensions were stripped and debt was left to fill in the holes.
Same thing the MBA/Corporate Looters have done all the way to now. Where the US was once the wealthiest country prior to that "growth," we are now the largest debtors.
We just have hit the end-of-road from our debt-fuel binge.
If Reaganomics was "Morning in America," it is now the "Morning After."
It's kinda funny that article points out that some people get caught up in looking at weekly or monthly numbers that they can't see bigger trends.... then jimhcom promptly arrives to make a post fulfilling the prophecy.
They've got some reasonable points regarding employment but there are a lot more factors to a recovery and I don't think it's as simple as comparing trends with same point in time versus other recessions.
To make any sense of the latest debacle in American economics we have to look back more than a few decades, it's really been a long wind up and it'll be a long road down and back to anything that would resemble what we are accustomed to. The numbers guys always figure they can rely on stats to make a comprehensive picture of market strengths and weaknesses, the trouble with that is that the numbers don't necessarily show the fundamental flaws in a nation's economy. GDP is up, GDP is down, oh wait a minute it's back up, no it's sliding down now. Fifty years of mass credit expansion is what drove our meteoric rise in consumption, period. now that we have reached an unsustainable level of debt the "miracle" of western capitalism is showing some cracks, it's been quite a ride but I'm thinking that the party is over and we'll be making whatever adjustments to our lives that are necessary.
Dylan's old saw about not needing a weatherman to tell you which way the wind blows is food for thought in these times of economic despair, I think most American's know in their collective hearts that something has gone horribly wrong, the future isn't looking up for the youth and the old folks are being prepared to be thrown to the wolves by their own grandchildren who want that SS money to get their "stuff". This is what an economic depression really looks like, thinking that "the other party" now will come along and save us from the present political cabal is just as foolish as those who voted for a "change" that hasn't come. It's the system that we choose, so for all those who rally around the notion of the superiority of US markets here's a hearty good luck, you'll be needing some............
We need to make more WEALTH not buy more things from China. The entire country is going to learn to live within its means and not on credit. We will have to save before we buy and make our own before we import things or people. We will even have to give up our "New American Century" before it is a decade old because we cannot afford it.
If we want to "create" jobs in the private sector, just rebuilding our transport system by replacing all the worn out and rusted (rust is not a structural material btw) junk will require an army of skilled construction workers, engineers and mega tons of steel, preferably domestic, and concrete. We could pay for it with a functionally progressive income tax on the few that gained over the last three decades by stealing from the rest of us.
Location: Sitting on a bar stool. Guinness in hand.
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Quote:
Originally Posted by GregW
We need to make more WEALTH not buy more things from China. The entire country is going to learn to live within its means and not on credit. We will have to save before we buy and make our own before we import things or people. We will even have to give up our "New American Century" before it is a decade old because we cannot afford it.
If we want to "create" jobs in the private sector, just rebuilding our transport system by replacing all the worn out and rusted (rust is not a structural material btw) junk will require an army of skilled construction workers, engineers and mega tons of steel, preferably domestic, and concrete. We could pay for it with a functionally progressive income tax on the few that gained over the last three decades by stealing from the rest of us.
CNBC quotes an economist who argues that the signs point that we are in a 30s style depression. The modest positive indicators that we are having now also occured during that time and mean nothing...
News Headlines
Rosenberg calls current economic conditions "a depression, and not just some garden-variety recession," and notes that any good news both during the initial 1929-33 recession and the one that began in 2008 triggered "euphoric response."
"Such is human nature and nobody can be blamed for trying to be optimistic; however, in the money management business, we have a fiduciary responsibility to be as realistic as possible about the outlook for the economy and the market at all times," he said.
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